meric Response Sample Corp. was organized on January 1, 2021, with authorized capital of 100,000 shares of P55 par value Ordinary Share Capital. Eighty- thousand (85,000) shares were issued for cash at P77 per share. During the year, the company earned a profit of P1,250,000 and distributed divider of P650,000. Instructions: Based on the given information, compute for each of the items listed below. 1. Balance of Retained Earnings account as of December 31, 2021. 2. Balance of ordinary share capital account as of December 31, 2021. 3. Total contributed capital as of December 31, 2021. 4. Total additional paid-in capital as of December 31, 2021. 5. Total shareholders' equity as of December 31, 2021.
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- Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.meric Response Sample Corp. was organized on January 1, 2021, with authorized capital of 100,000 shares of P55 par value Ordinary Share Capital. Eighty-five thousand (85,000) shares were issued for cash at P77 per share. During the year, the company earned a profit of P1,250,000 and distributed dividends of P650,000. Instructions: Based on the given information, compute for each of the items listed below. 1. Balance of Retained Earnings account as of December 31, 2021. 2. Balance of ordinary share capital account as of December 31, 2021. 3. Total contributed capital as of December 31, 2021. 4. Total additional paid-in capital as of December 31, 2021. 5. Total shareholders' equity as of December 31, 2021.The Financial controller at Think Inc. is currently preparing the calculation for earnings per share and the related disclosure for the firm's financial statements. The following information has been extracted from the firm's financial statements for the fiscal year ended June 30, 2021. * Share capital - preference, 6% cumulative, $50 par value, 100,000 shares authorized, 25,000 shared issued and outstanding $1,250,000 * Share capital - ordinary, $1 par, 10,000 shares authorised, 1,000,000 shares issued outstanding $1,000,000 * Share premium - ordinary (includes any amounts for options and conversations) - $4,000,000 * Retained earnings - $6,000,000 * Notes payable, 10% - $1,000,000 * Convertible bonds payable - $5,000,000 * 10% bonds payable - $6,000,000 The following transactions have also occurred at Think. Options were granted on July 1, 2020, to purchase 200,000 shares at $15 per share. Although no options were exercised during the fiscal year 2021, the average price per ordinary…
- On January 1, 2021, Eugene Co. had retained earnings of P1,240,000. During 2021, the co. earned net income of P456,000. The following transactions occurred:a. Cash dividends of P12 per share on 42,000 shares of ordinary shares were declared and paid.b. A small share dividend was declared and issued. The dividend consisted of 6,620 shares of P25 par ordinary share. On the date of declaration, the market price of the company’s ordinary share was P34 per share.c. The co. recalled and retired 12,100 shares of P50 par preferred share. The call price was P93 per share; the share had originally been issued for P80 per share. d. The Eugene discovered that it had erroneously recorded depreciation expense of P200,000 in 2019 for both financial and tax reporting. The correct depreciation for 2019 had been P275,000. This is considered a material error. Assume tax rate of 25%. The balance of retained earnings on December 31, 2021:Incentive Corporation was authorized to issue 12,000 shares of common stock, each with a $1 parvalue. During its first year, the following selected transactions were completed:a. Issued 6,000 shares of common stock for cash at $20 per share.b. Issued 2,000 shares of common stock for cash at $23 per share.Required:1. Show the effects of each transaction on the accounting equation.2. Give the journal entry required for each of these transactions.3. Prepare the stockholders’ equity section as it should be reported on the year-end balancesheet. At year-end, the accounts reflected a profit of $100.4. Incentive Corporation has $30,000 in the company’s bank account. What is the maximumamount of cash dividends the company can declare and distribute?Mitch Company was organized on January 1, 2021 and issued 100,000 P20 par value shares at P23 per share. During 2021, the entity reported net income of P720,000 and paid cash dividends of P220,000. On January 10, 2022, the entity purchased 15,000 treasury shares at P15 per share. On December 31, 2022, 5,000 treasury shares were sold at P10 per share. The Company realized profit of 1.5x of last year's. No dividends were declared. What amount should be reported as shareholders' equity on December 31, 2022.
- On January 5, 2021, Red Company was organized and registered at the Securities and Exchange commission with 100,000 authorized ordinary shares of P100 par value. During the year 2021, the following transactions occurred: 40,000 shares were sold and issued at P105 per share. Purchased 600 shares of its ordinary share capital at P110 per share. 400 treasury shares were sold at P95. Declared and paid cash dividends of P200,000 and made profit of P830,000. What is the total shareholders’ equity of Red at December 31, 2021? Chocies: P10,602,000 P4,820,000 P4,802,000 P4,352,0002. Calculate the carrying value per share of Heritage's investment as reflected in the investment account on January 4, 2025. (Round your answer to 2 decimal places.) S Carrying value per share 3.Calculate the change in Heritage's equity from January 2, 2023, through January 5, 2025, resulting from its investment in Port. Equity 8.42 decreases by S 144.800AUBURN Corporation had 120,000 of ordinary shares issued and outstanding at January 1, 2021. OnOn January 2 of the same year, the company issued 80,000 preference shares. During the year, the corporation declared and paid P420,000 cash dividend on the ordinary shares and P240,000 on the preference shares. Net income for the year was P1,500,000. What should be the basic earnings per share in 2021? A. ₱ 10.50 B. ₱ 9.00 C. ₱ 15.75 D. ₱ 12.50
- At the beginning of 2021, DAI Corp. was organized with authorized capital of 200,000, P500 par value shares. The following transactions transpired during its first year of business. February 4 - Issued 15,000 shares at P510 per share. April 10 - Issued 3,000 shares for services received (FMV of the services is P1.7 million) October 23 - Issued 5,000 shares in exchange for a land (FMV of the land is P3 million) What amount should be reported as share premium?Pineapple Co. reported total assets of P2,100,000 and total liabilities of P1,360,000 in its December 31, 2020 balance sheet. The following transactions occurred during 2021:• On August 1, Pineapple Co. issued an additional 10,000 ordinary shares at P25 per share• The company paid dividends totaling P160,000• Net income during the year was P220,000• Reacquired treasury shares of 4,000 at P30; subsequently reissued 2,000 shares for P39 per share• No other changes occurred in Stockholders’ Equity during the year.What is the balance of the Stockholders’ Equity section in its December 31, 2021 balance sheet?a) P800,000b) P1,008,000c) P1,050,000d) P1,370,000The company reported total assets of P2,100,000 and total liabilities of P1,360,000 in its December 31, 2020 balance sheet. The following transactions occurred during 2021: • On August 1, The company issued an additional 10,000 ordinary shares at P25 per share • The company paid dividends totaling P160,000 • Net income during the year was P220,000 • Reacquired treasury shares of 4,000 at P30; subsequently reissued 2,000 shares for P39 per share • No other changes occurred in Stockholders’ Equity during the year. What is the balance of the Stockholders’ Equity section in its December 31, 2021 balance sheet?